The nation's new credit card rules have caused all kinds of unnecessary overreaction and Clark wants to take a moment to calm some of the hysteria.

There have been "woe is me" articles everywhere speculating wildly about the end of credit as we know it. One headlines even proclaimed, "Credit cards are going back to the '50s, low limits and only for the rich."

Come on, capitalists adjust! The only reason we had these rules in the first place is because things became too unbalanced with "gotchas" hidden in mice type.

The new rules lay down some basic guidelines; they don't mean that banks can't make any money in the credit card market. They simply mean that banks can't continue to retroactively cheat you with low teaser rates, where they get you all charged up and then switch the rate. Nor can they continue the unfair practice of sending around those mailers that advertise a "fixed rate" that isn't really a fixed rate.

But the dire predictions about no credit cards being available in the future are just false. Companies will figure out how to compete for market share under the new rules.

Meanwhile, the idea that banks can impose whatever terms they wish on us is baloney. Credit unions and stock brokerage houses are busting up the banks' stranglehold on the credit card market. We will still have plenty of competition and choice.

So don't fret. It's not like a party has ended. The party is actually just beginning -- the party of more responsible lending and charging is coming.

Meanwhile, "croak and choke" insurance that's intended to protect your family in the event you die with credit card debt is a complete rip, according to The Wall Street Journal.

Their findings suggest that for the price of $5,000 of coverage, you could buy a $250,000 life insurance policy for your heirs. Also, check your statement and make sure you're not being defaulted into a "croak and choke" insurance option, as Clark's mom was!